American Profit Recovery

MAY 5, 2023

We always advise the organizations we work with to have an internal debt collection strategy prior to issuing accounts to a collection agency. And there are benefits to doing so but there are also some issues to keep in mind. That allows your business to conduct due diligence in trying to resolve the matter internally.

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Collections Collection Agencies Collections Agency Debt collector 210

Fraser

JULY 12, 2021

The NCAA recently announced an interim policy that allows student-athletes from all three divisions to monetize their name, image and likeness (often referred to as “NIL”). The new policy went into effect on July 1, 2021. What is Allowed Under the NCAA Interim Policy. What is Not Allowed Under the NCAA Interim Policy.

Education 67

Education 67

Troutman Sanders

JANUARY 30, 2023

The Federal Deposit Insurance Act (FDIA) generally prohibits insured state banks, but not uninsured state member banks, from acting as principal in activities that are not permissible for national banks. The policy statement becomes effective upon publication in the Federal Register.

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Banks 52

FFGN COLLECT NY

JANUARY 15, 2024

At the same time, many businesses adopted deceptive subscription marketing policies that make services easy to sign up for but difficult to cancel. Companies must also provide an acknowledgment on signing that includes the cancellation policy and how to cancel the subscription.

Credit Unions 97

Credit Unions Credit Unions Financial Institution Government 97

Fraser

JUNE 9, 2021

On May 28, 2021, the Equal Employment Opportunity Commission (“EEOC”) issued new guidance for employers regarding employment vaccination programs. As discussed below, the EEOC’s updated guidance provides additional information concerning key issues such as whether: Employers may mandate vaccines.

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Troutman Sanders

OCTOBER 13, 2023

According to the agencies, the joint statement was issued in response to consumers reportedly being rejected for credit cards and loans because of their immigration status, even when they have strong credit histories and are otherwise qualified to receive the loans. Yesterday, the U.S. ECOA is implemented by Regulation B.

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Creditors Original Creditor Loans Judgment 52

Troutman Sanders

MAY 4, 2023

Please join Troutman Pepper Partner Chris Willis and his colleagues Alan Wingfield, James Kim, and Taylor Gess for the first installment of a special two-part series about the Consumer Financial Protection Bureau’s (CFPB) recent policy statement on abusiveness. CFS Partner James Kim leads the firm’s fintech industry group.

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Retail Trade Financial Institution Financial services 52

Troutman Sanders

FEBRUARY 6, 2024

As for fair lending, examiners will review policies and practices for redlining, marketing, and pricing discrimination risk factors. For auto lending, examiners will review disclosures and policies to ensure compliance with the Truth in Lending Act (TILA) as implemented by Regulation Z.

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Credit Unions Credit Unions Lender Loans 52

Troutman Sanders

JANUARY 9, 2024

Specifically, Governor Hochul plans to propose legislation to require BNPL providers to be licensed in the state and to authorize the New York State Department of Financial Services to propose and issue regulations for the industry.

Lender 52

Lender Loans Banks Financial services 52

Fraser

JULY 29, 2021

Those health events are, in turn, causing local, state and now the federal government, governmental agencies, and employers, to revisit, and, in some instances, reinstate, workplace health and safety policies. Some state (e.g., We also covered this issue in our discussion of EEOC vaccine guidance. In May, 2021, the U.S.

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Healthcare Government Manufacturing Legal Rights 96

Credit Corp

DECEMBER 9, 2020

You’ll be on your own for covering the resulting costs and may have to deal with other issues. Look for an insurance policy to cover the gaps. To protect yourself and cover this gap, you’ll want to purchase an additional policy or a policy that adds rideshare coverage to your personal policy.

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Auto Insurance 106

Jimerson Firm

JULY 1, 2020

When lenders take life insurance policies as collateral for loans, they need to be aware of what needs to occur to place a claim in the event their borrower dies. This blog posts addresses those issues as they are regularly found in practice in the State of Florida.

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Collateral Loans Lender Secured Creditor 98

Jimerson Firm

AUGUST 4, 2021

Florida’s old summary judgment standard compelled courts to grant summary judgment only if “no genuine issue as to any material fact” remained. The court considered the entire record and if there was the “slightest doubt” that a material issue remained, summary judgment was not warranted. State Farm Fla. Guild of America, Inc.,

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Judgment 98

Troutman Sanders

FEBRUARY 26, 2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week: Federal Activities State Activities Federal Activities: On February 26, CoinSpeaker reported that in May, the U.S.

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Financial services Financial Institution Trade Banks 52

Fraser

OCTOBER 28, 2022

These laws are meant to address certain voting-related issues, such as ballot box integrity, that have led to controversy in the past. If you have questions about these bills, or election law issues in general, please contact a member of our election law team. The U.S. .

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Troutman Sanders

DECEMBER 8, 2023

Under the CFDL, providers are required to give certain disclosures similar to consumer transactions, such as the amount of funding the small business will receive, the APR, a payment amount (if applicable), the term, details related to prepayment policies, and (for products without a monthly payment) an average monthly cost.

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Judgment Trade Loans Banks 52

PDC Flow

FEBRUARY 16, 2024

The script should require that staff members: Clearly state to the consumer how the payment description will appear on the consumer’s bank statement. Clearly state the cancellation policy, a customer service phone number, and hours they can call if they have questions about their payment.

Banks 78

Banks Collection Agencies Collections Agency Collections 78

Burr Forman

NOVEMBER 4, 2021

The ETS becomes effective immediately and requires employers to establish, implement, and enforce an acceptable vaccination policy by December 5, 2021. The ETS applies to private employers who are not covered by an OSHA-approved State Plan and who have 100 or more employees. Who is Covered by the ETS?

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Healthcare 97

Collection Industry News

OCTOBER 10, 2022

The CFPB, in a notice published in the Federal Register on September 27, 2022, announced that it was rescinding its No-Action Letter and Compliance Assistance Sandbox policies (Policies). The CFPB also determined that the existing Policies failed to meet appropriate standards for transparency and stakeholder participation.

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Collections Education 40

Troutman Sanders

SEPTEMBER 11, 2023

Forty-one states and the District of Columbia are entering into a parallel multistate settlement addressing the same conduct. Tempoe is paying a $2 million penalty, with $1 million deposited into CFPB’s victims’ relief fund and $1 million paid to the states entered into the settlement. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Banks 52

Troutman Sanders

SEPTEMBER 13, 2023

On September 11, the Consumer Financial Protection Bureau (CFPB) announced that it issued a consent order against Tempoe, LLC, a nonbank consumer finance company, for alleged violations of the Consumer Financial Protection Act (CFPA), Consumer Leasing Act, and Regulation M. million in outstanding balances.

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Retail Financial services 52

Troutman Sanders

NOVEMBER 1, 2023

On October 30, President Biden issued a sweeping Executive Order calling on Congress to enact privacy laws and directing federal agencies to review existing rules and potentially explore new rulemakings governing the use of artificial intelligence (AI) across various sectors of the U.S. The deadline for comments was May 30.

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Government Trade Financial Institution Healthcare 52

Troutman Sanders

JUNE 21, 2022

On June 8, the New York State Department of Financial Services (NYDFS) issued new “ Guidance on the Issuance of U.S. Dollar-Backed Stablecoins ,” establishing a first-of-its-kind state standards for USD-backed stablecoins issued by entities subject to regulation by the NYDFS. dollar,” less any fees.

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Financial services Collateral Government 59

PDC Flow

MARCH 23, 2021

Just as important, you must know the latest risk management strategies to keep issues to a minimum. If you aren’t clear, concise and thoughtful about remote work and office safety policies, you may be at risk for a wide variety of claims. HIPAA and privacy issues upon accidental disclosure of covid-positive staff.

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Collection Agencies Collections Agency Education Collections 97

True Accord

SEPTEMBER 17, 2022

Debt collection is highly regulated and must adhere to different regulations and laws like the FDCPA, Regulation F, and unique state laws—including regulations that may not be specifically focused on debt collection but still apply to the practice. What are the components of a Compliance Management System?

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Collections Debt collector Government 78

True Accord

SEPTEMBER 30, 2022

Anyone working in the collections space should be familiar with the federal Fair Debt Collection Practices Act (“FDCPA”) and its regulation, Regulation F; but did you know that there are multiple debt collection laws and regulations at the state and local level too? Another example is communication frequency limitations.

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Debt collector Fair Debt Collection Collections 82

Collection Industry News

FEBRUARY 7, 2022

Leaders from two of the organizing groups say there is still much work to be done in this area and they hope to advance public policies addressing systemic challenges to lower-income citizens who encounter medical emergencies. So really for us, the next priority is, how do we develop public policy that addresses this in the long term?

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Garnishment Collections Government 52

Burr Forman

MARCH 23, 2021

The Supreme Court of the United States decided Goodyear Dunlop Tires Operations, S.A. Brown in 2011 and, in that opinion, reiterated that companies are only subject to general personal jurisdiction where they are “essentially at home in the forum state.” [1] Washington , 326 U.S. Similarly, the claims in Sodexo , 2021 WL 254240 (S.D.

Auto Insurance 52

Auto Insurance 52

Fraser

AUGUST 11, 2021

With the current increase of hospitalizations, the influx of the Delta variant in the United States and the low level of vaccinations in certain regions of the United States, universities and other higher education institutions are faced with a dilemma: Can these institutions make COVID-19 vaccinations mandatory for students?

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Education Lawyers 75

Troutman Sanders

MARCH 4, 2024

On February 29, the Consumer Financial Protection Bureau (CFPB) issued a circular to law enforcement agencies and regulators explaining how companies operating comparison-shopping tools can break the law when they steer consumers to certain products or lenders because of kickbacks. For information, click here. For information, click here.

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Financial services Law Firms Acquisition Debt collector 52

Troutman Sanders

DECEMBER 28, 2023

On December 20, Fannie Mae issued SVC-2023-06. On December 19, the CFPB issued a new report finding that many consumers are still being hit with unexpected overdraft and nonsufficient fund (NSF) fees, despite recent changes implemented by banks and credit unions that have eliminated billions of dollars in fees charged each year.

Financial services 52

Financial services Credit Unions Credit Unions Banks 52

Fraser

OCTOBER 27, 2022

The US Department of Labor recently issued a Notice of Proposed Rulemaking that, if adopted, would change the standard for analyzing a worker’s classification as either an employee or independent contractor. The IRS Publication states the employer in making its determination, “must examine the relationship between the worker and the business.

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Acquisition 75

Troutman Sanders

MAY 9, 2022

CDIA’s fifth annual industry wide conference is an essential event to convene, connect, and hear from world-class speakers on the most relevant and critical issues facing the industry. This is the only conference that connects the entire consumer reporting ecosystem!

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Burr Forman

NOVEMBER 5, 2021

Excerpt from the article: “Hiring employees to work remotely in states with recreational marijuana laws can raise complex issues. An employer who hires an employee in a state with recreational marijuana laws should ensure that its hiring practices align with state law.

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Troutman Sanders

JANUARY 19, 2022

Hade and Smith also each filed motions to dismiss for failure to state a claim, principally arguing that CNS had not identified a First Amendment right that was violated, and that the access restrictions survive constitutional scrutiny under both the First Amendment and Equal Protection clauses. McBurney v. Cuccinelli , 616 F.3d

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Government 52

Collection Industry News

OCTOBER 19, 2023

United States, a case involving a Washington couple with a controlling interest — more than 10% investment — in KisanKraft, a profitable India-based farming corporation. It’s an issue that has been raised during past federal billionaire tax debates and could affect future proposals.

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Collections Government 40

Jimerson Firm

FEBRUARY 10, 2022

If a bank or credit union charges off an uncollectable debt, the lender will likely issue a 1099-C tax form to the debtor and receive a corresponding tax deduction for the uncollectable amount. A lender’s defined policy includes both written policies and established business practices. Charging Off” Uncollectable Debt.

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Lender Credit Unions Credit Unions Collections 98